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Message
re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.
Posted on 4/12/13 at 8:10 pm to WikiTiger
Posted on 4/12/13 at 8:10 pm to WikiTiger
quote:
i don't use any smartphone wallets.
it's so funny to watch you old people squirm as you don't understand new technologies. i hope i never get like that
1
Posted on 4/12/13 at 8:11 pm to WikiTiger
quote:You must be too old too understand the technology.
depends on the app. i don't know what kind of wallet encrpytion specific apps use. i don't use any smartphone wallets. sorry i can't help with that, bro.
Don't you just love it when someone puts their foot in their mouth?
ETA: Damn, too slow.
This post was edited on 4/12/13 at 8:12 pm
Posted on 4/12/13 at 8:13 pm to LSURussian
quote:
Speaking of Swahili.....did you know Swahili was a verbal only language until the British arrived in Africa? The native Africans did not have an alphabet so they could not develop a written language.
When the Brits showed up they decided to apply the English (Latin) alphabet to the phonic sounds of the Swahili words, which means all Swahili words are spelled EXACTLY like they sound.
Posted on 4/12/13 at 8:13 pm to Vols&Shaft83
Posted on 4/12/13 at 8:16 pm to lsu_tiger_az
quote:
I will send him a long stream of numbers...
Which will be rejected as not being part of the confirmed set of valid hashes.
Posted on 4/12/13 at 8:20 pm to Poodlebrain
quote:
ETA: Damn, too slow.
Good to see great minds think alike
Posted on 4/12/13 at 8:22 pm to WikiTiger
Personally I think grown arse men fantasizing about drinking piña coladas on their own remote island after cracking the code of the next get rich scheme is much more funny. Much.
Posted on 4/12/13 at 8:22 pm to foshizzle
quote:
Which will be rejected as not being part of the confirmed set of valid hashes.
Posted on 4/12/13 at 8:32 pm to Doc Fenton
It's about time! back in november i was just learning about bitcoin and had some economics intensive questions and posted something along the lines of "where the hell is doc fenton when you need him?" but anyways...
speaking of capital controls...I believe bitcoin, or more likely some more stable and better thought out digital currency that succeeds it, might actually change the trilemma of international finance forever by making it cost prohibitive to impose restrictions on capital mobility. I'd love to hear your thoughts, but I honestly think it's inevitable, someone just needs to work out the details and/or apply the correct technology, or just wait for it if it's not quite there yet.
Take, for example, a country like Argentina. Massive capital controls across the board, damn near impossible to circumvent, especially on a large scale. Enter bitcoin. If there is one thing that governments all over the world have failed miserably to regulate, its the internet. Last time I looked into it (november), people re so desperate to find something to buy that would hold it's value relative to the rapidly inflated Argentinian peso that they were paying 5% or more over global market price for bitcoins. It seems inevitable to me that someone will take that premium and find a profitable way to use bitcoins as a medium of exchange for people to buy dollars (as there's already a huge underground market for dollars there, and plus, bitcoins at least as of now are obviously too unstable to risk a lot of money). I haven't worked out the details completely, but here's one idea: take a company (or even just a person) that does business both in Argentina and elsewhere, so they have access to dollars and a steady need to pay bills, taxes, etc in pesos, or even by law a business the has to convert it's revenue earned abroad back to pesos. I'm not sure if that's the law, but I wouldn't be surprised at all. So then this company/person can use their access to usd to buy bitcoins or whatever digital currency, then sell the bitcoins in the home country for pesos, pocketing the premium, and then just using the pesos however they normally would. You can prevent people from smuggling huge amounts of dollars into a country, but it is impossible to stop the smuggling of bitcoin to anywhere - it's not even smuggling. Then normal people likely wouldn't hold on to their bitcoins as they serve as a terrible store of value, so they would just set up some account somewhere (basically just something similar to paypal - if the services dont already exist, eventually people will figure out the demand and start setting them up, it's fairly simple, just a safe way to deposit USD over the internet for the buying and selling of bitcoin) and then sell their bitcoin. Now of course, it would be impossible for them to cash out those dollars and get them back into Argentina, but that's the trick here - they dont need to. All they're trying to do is avoid the seignorage of the argentinian government, and by letting their money sit in some online currency trading account overseas, they have done so. Then when they need access to the funds, just use their dollars to buy bitcoins, and sell them locally for pesos. Now there are bitcoins being sold by those with access to dollars AND regular people who have already used them and now need pesos. And this might be overly optimistic, but if the Argentinian/Iranian/colombian whatever government doesnt adapt, there might be such large streams of USD being deposited and just sitting in these accounts that these services might start competing for access to these funds - and offering interest!
Ok the last part will probably never happen, as it would mean that service is actively lending that liquidity out for a profit (at least if they're being regulated at all) plus interest on checking accounts holding USD is about zero, but would that not be awesome if it did?
well frick you very much president cristina fernandez, because your oppressive policies have been defeated by the internet.
quote:
Bretton-Woods-style capital controls are going to continue to become harder and harder for governments to implement
speaking of capital controls...I believe bitcoin, or more likely some more stable and better thought out digital currency that succeeds it, might actually change the trilemma of international finance forever by making it cost prohibitive to impose restrictions on capital mobility. I'd love to hear your thoughts, but I honestly think it's inevitable, someone just needs to work out the details and/or apply the correct technology, or just wait for it if it's not quite there yet.
Take, for example, a country like Argentina. Massive capital controls across the board, damn near impossible to circumvent, especially on a large scale. Enter bitcoin. If there is one thing that governments all over the world have failed miserably to regulate, its the internet. Last time I looked into it (november), people re so desperate to find something to buy that would hold it's value relative to the rapidly inflated Argentinian peso that they were paying 5% or more over global market price for bitcoins. It seems inevitable to me that someone will take that premium and find a profitable way to use bitcoins as a medium of exchange for people to buy dollars (as there's already a huge underground market for dollars there, and plus, bitcoins at least as of now are obviously too unstable to risk a lot of money). I haven't worked out the details completely, but here's one idea: take a company (or even just a person) that does business both in Argentina and elsewhere, so they have access to dollars and a steady need to pay bills, taxes, etc in pesos, or even by law a business the has to convert it's revenue earned abroad back to pesos. I'm not sure if that's the law, but I wouldn't be surprised at all. So then this company/person can use their access to usd to buy bitcoins or whatever digital currency, then sell the bitcoins in the home country for pesos, pocketing the premium, and then just using the pesos however they normally would. You can prevent people from smuggling huge amounts of dollars into a country, but it is impossible to stop the smuggling of bitcoin to anywhere - it's not even smuggling. Then normal people likely wouldn't hold on to their bitcoins as they serve as a terrible store of value, so they would just set up some account somewhere (basically just something similar to paypal - if the services dont already exist, eventually people will figure out the demand and start setting them up, it's fairly simple, just a safe way to deposit USD over the internet for the buying and selling of bitcoin) and then sell their bitcoin. Now of course, it would be impossible for them to cash out those dollars and get them back into Argentina, but that's the trick here - they dont need to. All they're trying to do is avoid the seignorage of the argentinian government, and by letting their money sit in some online currency trading account overseas, they have done so. Then when they need access to the funds, just use their dollars to buy bitcoins, and sell them locally for pesos. Now there are bitcoins being sold by those with access to dollars AND regular people who have already used them and now need pesos. And this might be overly optimistic, but if the Argentinian/Iranian/colombian whatever government doesnt adapt, there might be such large streams of USD being deposited and just sitting in these accounts that these services might start competing for access to these funds - and offering interest!
Ok the last part will probably never happen, as it would mean that service is actively lending that liquidity out for a profit (at least if they're being regulated at all) plus interest on checking accounts holding USD is about zero, but would that not be awesome if it did?
well frick you very much president cristina fernandez, because your oppressive policies have been defeated by the internet.
Posted on 4/12/13 at 8:42 pm to el duderino III
russian you're surely qualified as well. would this not have massive implications for the future of the trilemma of internat'l finance? There's been increasing momentum in the economics community for advocating for Argentinian style capital controls, but I think digital currencies will turn that trend right the frick around.
And wiki - is there already an exchange or a financial service (preferably a legit one like paypal) that would facilitate deposit of the funds from bitcoin sales without an address? because that's really the only missing link here that I can see.
And wiki - is there already an exchange or a financial service (preferably a legit one like paypal) that would facilitate deposit of the funds from bitcoin sales without an address? because that's really the only missing link here that I can see.
Posted on 4/12/13 at 8:43 pm to el duderino III
quote:
el duderino III
Hey hey hey hey hey hey, none of that ITT. You've taken the fun out of this thread.
Posted on 4/12/13 at 8:45 pm to el duderino III
Any successful digital currency won't be built on the bitcoin model, which is a high tech Ponzi scheme. Even rational btc true believers admit that on their message boards.
Posted on 4/12/13 at 8:46 pm to foshizzle
quote:
Which will be rejected as not being part of the confirmed set of valid hashes.
Here, I'll fix that so you can understand....
[sarcasm] I will send him a long stream of numbers...[/sarcasm]
Posted on 4/12/13 at 8:54 pm to LSURussian
quote:
Any successful digital currency won't be built on the bitcoin model
what model properties would be necessary for success?
Posted on 4/12/13 at 9:01 pm to gizmoflak
quote:
what model properties would be necessary for success?
Probably a corporate giant backing it, ala a Google or an Apple type enterprise, which they would introduce the private label digital currency to encourage more people to use their services.
But the main requirement will have to be the currency must provide more advantages over our current national currencies other than it allows the user to maybe evade laws.
This post was edited on 4/12/13 at 9:03 pm
Posted on 4/12/13 at 9:26 pm to LSURussian
What if the US govt introduced their own crypto currency and provided tax incentives for adopting it. I could see all the major online retailers instantly accepting it.
Maybe fedgov is keeping a close eye on the bitcoin experiment and taking notes
Maybe fedgov is keeping a close eye on the bitcoin experiment and taking notes
Posted on 4/12/13 at 9:38 pm to gizmoflak
quote:
What if the US govt introduced their own crypto currency
What could a gov digital currency do that we can't do electronically now with the dollar?
That has been my biggest
at wiki. Every time he posts his list of btc advantages, I destroy him with facts how there are already more efficient systems in place which out perform any btc system in place. And I've learned over this past week his whole "btc is free or low cost" schtick is BS. The btc message boards are constantly complaining about how much it costs to use the exchanges & the wallets and how some merchants rip them off with hidden fees.
This post was edited on 4/12/13 at 9:39 pm
Posted on 4/12/13 at 9:39 pm to gizmoflak
quote:
What if the US govt introduced their own crypto currency and provided tax incentives for adopting it. I could see all the major online retailers instantly accepting it.
Maybe fedgov is keeping a close eye on the bitcoin experiment and taking notes
Good idea, but let's table that for a few years...
The thought of ObamaCoin haunting us forever is something I couldn't stomach.
Posted on 4/12/13 at 9:45 pm to LSURussian
quote:
What could a gov digital currency do that we can't do electronically now with the dollar?
They could micro-tax every single transaction and dispense with income, corporate, and capital gains taxes altogether
Posted on 4/12/13 at 9:47 pm to lsu_tiger_az
quote:
The thought of ObamaCoin haunting us forever is something I couldn't stomach.
What about Rubios?
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